Apr 25, 2024 Municipal Development Committee

[00:00:02]

SO NOW CALL TO ORDER THIS MEETING AT THE BAYTOWN MUNICIPAL DEVELOPMENT DISTRICT.

IT IS THURSDAY, APRIL 25TH.

IT IS 4:34 PM WE DO HAVE A QUORUM.

UH, WE WILL, UH, FIRST HAVE OUR ASSISTANT COMMENTS IF THERE'S ANYBODY THAT HAS SIGNED UP TO SPEAK.

[a. Receive the Baytown Municipal Development District’s Quarterly Financial and Investment Reports for the Quarter Ending March 31, 2024.]

RECEIVE REPORTS, WHICH IS RECEIVE THE BAYTOWN MBDS, UH, DISTRICT'S QUARTERLY FINANCIAL AND INVESTMENT REPORT FOR THE QUARTER ENDING MARCH 31ST, 2024.

MS. MCKENZIE, UM, GOOD EVENING BOARD.

UM, I'M HERE TO PRESENT THE SECOND QUARTER FINANCIAL REPORT FOR A PERIOD ENDING MARCH 31ST, 2024.

UM, OUR TOTAL REVENUES IS 2.9 MILLION.

UM, OUR SALES TAX WAS PRETTY STEADY.

WE WENT UP SLIGHTLY FOR DECEMBER.

UM, MARCH WAS DOWN SLIGHTLY, BUT IT'S STILL PRETTY STEADY WITH, UH, OUR FORECAST.

UM, OUR EXPENDITURES IS $2.5 MILLION, LEAVING US A FUND BALANCE OF 1.6.

UM, OUR, UM, REVENUE RECEIVED IS 33% OF THE BUDGET.

UM, WHAT WE'VE SPENT IS ABOUT 30% OF THE BUDGET AND OUR BOOK VALUE AND INVESTMENTS IS 1.2 MILLION, BRINGING US A EARNINGS OF 44,000.

AND I'M HAPPY TO ANSWER ANY QUESTIONS.

OKAY.

DO WE HAVE ANY QUESTIONS FOR MS. MCKENZIE ON THE QUARTERLY REPORT? YES.

ALL RIGHT.

IF NOT, WE'LL CONSIDER THAT RECEIVED.

WE'LL MOVE ON TO, UM, UH, IT LOOKS

[3. CONSENT]

SO, UNLESS THERE'S SOMETHING THAT WE NEED TO HEAR FROM THE CITY ATTORNEY ON THIS ITEM, IT SAYS CONSENT.

SORRY, I'M SORRY, WARD, IF YOU CAN JUST GIVE ME ONE MINUTE PLEASE.

OKAY, I DON'T THINK SO.

WE, UH, BOARD, THIS IS, UH, A RESOLUTION TO ENTER INTO AN INTER-LOCAL AGREEMENT WITH THE TML RISK POOL.

THIS IS FOR INSURANCE ON THE HOTEL.

UH, THIS WAS NEGOTIATED BY OUR RISK MANAGEMENT, UH, TEAM.

UH, SO WE ARE, WE ARE STAFF IS IN FAVOR.

OKAY.

AND WE'RE HAP AND FOR THE RECORD, UM, HAPPY TO REPORT THAT WHEN WE STARTED THIS PROCESS, THE MDD BOARD, UM, LAST YEAR WHEN WE KICKED, WHEN THE HOTEL OPENED, UH, THERE WAS DISCUSSION AROUND A $1.8 MILLION INSURANCE BILL.

UH, THE TEAM HAS WORKED, UH, OVER THE PAST YEAR, THE RISK MANAGEMENT TEAM, UH, FINDING A NEW POLICY THAT THAT POLICY WAS THEN CARRIED OVER TO T-M-L-I-R-P, WHICH WE WERE NOT ABLE TO DO BEFORE.

UM, THIS HAS REDUCED THAT $1.8 MILLION INSURANCE BILL, UH, DOWN TO APPROXIMATELY 1.3.

UH, IN ADDITION TO THAT, THE COST AVOIDANCE FOR THIS YEAR IS THAT THEY WERE ABLE TO DO A PRORATED FEE FOR THE TIME BEING, WHEREAS LAST YEAR WE HAD TO PAY THE FULL 1.8 MILLION UPFRONT.

AND SO THERE'S A COST AVOIDANCE TO NOT HAVING TO PAY THE FULL 1.8, 1.3 UH, MILLION PREMIUM RIGHT NOW.

AND THEN THAT WILL KICK OFF WITH OUR REGULAR BUDGET CYCLE, UH, OCTOBER GOING FORWARD.

OKAY.

THANK YOU FOR THE EXPLANATION.

SO WITH IT BEING A CONSENT ITEM, I WOULD ENTERTAIN A MOTION FOR, UNLESS ANYBODY HAS A QUESTION, I GUESS WITH ONE ITEM, BUT IF NOT, UH, IT'S CONSENT ITEM, I WOULD ENTERTAIN A MOTION FOR ITEM THREE.

A MOTION TO APPROVE A MOTION A SECOND.

SECOND.

MOTION.

SECOND.

ALL THOSE IN FAVOR OF THREE A AS PRESENTED, PLEASE SAY AYE.

AYE.

THOSE OPPOSED? ITEM CARRIES.

[a. The next Baytown Municipal Development District meeting will be scheduled when needed, in the Council Chamber located at City Hall, 2401 Market Street, Baytown, Texas, 77520.]

NOTHING AT THIS TIME.

OKAY.

AND JUST AS A REMINDER, MBD WILL BE SCHEDULED AS NEEDED.

NEXT, WE WILL

[a. Recess into and conduct an executive session pursuant to Texas Government Code Sections 551.071 and 551.087 to seek the advice of the City's attorneys regarding economic development negotiations.]

ALRIGHT, SO, UH, WHERE MY THING GO? SHOULD GO.

THERE WE GO.

SO NOW I'LL RECONVENE OUR OPEN MEETING OF THE BAYTOWN MDD AND ANNOUNCE THAT IN ACCORDANCE WITH SECTION 5 5 1 0.102 OF THE TEXAS GOVERNMENT CODE, NO ACTION WAS TAKEN IN EXECUTIVE SESSION.

AND BEING THAT THE MBD HAS ADDRESSED ALL POSTED AGENDA ITEMS, UH, THIS MEETING, THIS MD MEETING IS NOW ADJOURNED.